Nifty trades in a down channel and now trades very close to 200DEMA-4897. After 13 months of sustaining above this important average now Nifty looks set to break the average and confirm its bear market. From here Nifty looks to reach near 4000-3800 levels by October 2010 and it is not advisable to average losses still yet.
Sensex is near trendline support and trades at 12Week low. It has tested 200DEMA at 16373 and below that major weakness is expected. Sensex trades below all other important averages and until move past 17500 is not seen more weakness would follow.
Moody’s said SBI’s rating would come under ‘some pressure’ if the government-owned bank’s bottom line did not improve. This was attributed mainly to higher provisioning and increase in staff cost. http://www.business-standard.com/india/news/moody%5Cs-says-sbi-rating-may-come-under-pressure/395370/
http://www.moneycontrol.com/news/cnbc-tv18-comments/lt-plans-to-sell-satyam-stake-unhappytech-mah_458572.html L&T plans to sell Satyam stake, unhappy with Tech Mah
Steel firms prepare to ease prices on market signals, flat steel producers are looking to roll over and even cut prices from June. Producers indicated that the inventory levels at Shanghai were high at about 1.7 million tonnes, which could have added to the sentiment. Chinese domestic HRC dropped sharply by about $29 a tonne. , Bhushan Steel said, the company would drop prices by Rs 2,500-3,000 from June. The levels of $800 a tonne for hot rolled coil (HRC) never got absorbed in the market. http://www.business-standard.com/india/news/steel-firms-prepare-to-ease-pricesmarket-signals/395355/
Reliance Industries has shut crude oil and gas production from its Krishna Godavari basin MA fields in the Bay of Bengal as a precautionary measure to avoid damage from the tropical cyclone 'Laila'. MA fields was producing around 32,000-33,000 barrels of oil per day and 8 million standard cubic meters per day of gas. "This has stopped since yesterday. The shutdown will be for a minimum 48 hours," the source said. KG-D6's current gas production of around 63 mmscmd included 8 mmscmd from MA fields, and with the fields being shut, the output would come down. MA fields was producing around 32,000-33,000 barrels of oil per day and 8 million standard cubic meters per day of gas. "This has stopped since yesterday. The shutdown will be for a minimum 48 hours,"
LONDON (Reuters) - Hedge funds have reacted angrily to Germany's controversial decision to ban some naked short-selling and said the move could push investors to bet against other securities instead or move to other markets. Germany's move aims to curb the activities of speculators -- particularly hedge funds -- who are blamed by some politicians for exacerbating the financial crisis.http://in.reuters.com/article/businessNews/idINIndia-48632420100519
http://in.reuters.com/article/businessNews/idINIndia-48608220100519 BERLIN (Reuters) - Germany declared war on speculators on Wednesday, wrongfooting European partners who said they were not consulted about an overnight ban on naked short sales of a range of assets that rattled markets. Chancellor Angela Merkel told German lawmakers EU leaders had to ensure markets could not "extort" the state any more and the bloc would introduce its own financial transaction tax or levy if the Group of 20 nations failed to reach a deal in June.
| TURNING BAD Gross NPA (Rs crore) | |||||
| Banks | Mar ’09 | Dec ’09 | Mar ’10 | Chg | Chg (%) |
| SBI | 15,714 | 18,861 | 19,535 | 3,821.00 | 24.32 |
| BoI | 2,471 | 4,187 | 4,883 | 2,412.00 | 97.61 |
| IOB | 1,923 | 3,218 | 3,611 | 1,688.00 | 87.74 |
| Union Bank | 1,923 | 2,092 | 2,671 | 748.00 | 38.87 |
| PNB | 2,507 | 3,156 | 3,214 | 708.00 | 28.22 |
| IDBI Bank | 1,436 | 2,317 | 2,129 | 694.00 | 48.32 |
| BoB | 1,843 | 2,260 | 2,401 | 558.00 | 30.27 |
| Canara Bank | 2,168 | 2,619 | 2,590 | 422.00 | 19.48 |
| Axis Bank | 898 | 1,174 | 1,318 | 420.00 | 46.81 |
| Syndicate Bank | 1,595 | 2,018 | 2,007 | 412.00 | 25.86 |
| Top 10 banks on the basis of net change in Gross NPA for the period between Mar ‘10 and Mar ‘09 Compiled by BS Research Bureau Source: Capitaline | |||||
http://www.moneycontrol.com/news/cnbc-tv18-comments/lt-plans-to-sell-satyam-stake-unhappytech-mah_458572.html L&T plans to sell Satyam stake, unhappy with Tech Mah
Steel firms prepare to ease prices on market signals, flat steel producers are looking to roll over and even cut prices from June. Producers indicated that the inventory levels at Shanghai were high at about 1.7 million tonnes, which could have added to the sentiment. Chinese domestic HRC dropped sharply by about $29 a tonne. , Bhushan Steel said, the company would drop prices by Rs 2,500-3,000 from June. The levels of $800 a tonne for hot rolled coil (HRC) never got absorbed in the market. http://www.business-standard.com/india/news/steel-firms-prepare-to-ease-pricesmarket-signals/395355/
Reliance Industries has shut crude oil and gas production from its Krishna Godavari basin MA fields in the Bay of Bengal as a precautionary measure to avoid damage from the tropical cyclone 'Laila'. MA fields was producing around 32,000-33,000 barrels of oil per day and 8 million standard cubic meters per day of gas. "This has stopped since yesterday. The shutdown will be for a minimum 48 hours," the source said. KG-D6's current gas production of around 63 mmscmd included 8 mmscmd from MA fields, and with the fields being shut, the output would come down. MA fields was producing around 32,000-33,000 barrels of oil per day and 8 million standard cubic meters per day of gas. "This has stopped since yesterday. The shutdown will be for a minimum 48 hours,"
LONDON (Reuters) - Hedge funds have reacted angrily to Germany's controversial decision to ban some naked short-selling and said the move could push investors to bet against other securities instead or move to other markets. Germany's move aims to curb the activities of speculators -- particularly hedge funds -- who are blamed by some politicians for exacerbating the financial crisis.http://in.reuters.com/article/businessNews/idINIndia-48632420100519
http://in.reuters.com/article/businessNews/idINIndia-48608220100519 BERLIN (Reuters) - Germany declared war on speculators on Wednesday, wrongfooting European partners who said they were not consulted about an overnight ban on naked short sales of a range of assets that rattled markets. Chancellor Angela Merkel told German lawmakers EU leaders had to ensure markets could not "extort" the state any more and the bloc would introduce its own financial transaction tax or levy if the Group of 20 nations failed to reach a deal in June.
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